Mr. Daniel Tellechea reports

LARGO REPORTS STRONG Q2 2026 PRODUCTION AND SALES GROWTH AND HIGHLIGHTS STRENGTHENED U.S. MARKET POSITION

Largo Inc. has released second quarter 2026 operating results, producing 2,900 tonnes of V2O5 (vanadium pentoxide) equivalent and selling 2,773 tonnes of V2O5 equivalent from its Maracas Menchen mine. The quarter reflects continued operational momentum, significantly higher sales and strengthened positioning in the United States market. All currency amounts expressed are in U.S. dollars.

Q2 2026 highlights

• Vanadium pentoxide production increased 28.5 per cent year over year to 2,900 tonnes, compared with 2,256 tonnes in Q2 2025. Year-to-date V2O5 production increased 55.2 per cent to 5,516 tonnes, compared with 3,553 tonnes in the first half of 2025, reflecting continued operational improvements and stronger operating performance at the Maracas Menchen mine.
• V2O5 equivalent sales increased 53.4 per cent year over year to 2,773 tonnes, compared with 1,807 tonnes in Q2 2025, driven by stronger commercial execution and improved market access.
• Total ore mined increased 46.6 per cent to 712,198 tonnes, versus 485,687 tonnes in Q2 2025, while maintaining a consistent effective ore grade of 0.50 per cent V2O5 (Q2 2025: 0.51 per cent).
• Global recovery remained strong at 82.5 per cent, supporting higher production volumes despite increased mining activity.
• Ilmenite concentrate sales increased 67.0 per cent to 10,059 tonnes, compared with 6,024 tonnes in Q2 2025, while production decreased 11.6 per cent year over year to 7,205 tonnes.
• Vanadium oxides and hydroxides classified under HTSUS 2825.30 remain exempt from the new additional 25 per cent U.S. Section 301 tariff on certain Brazilian products, effective July 22, 2026.

Daniel Tellechea, co-chief executive officer of Largo, commented: "Our second quarter results demonstrate the meaningful progress we have made in strengthening operational performance and converting that performance into significantly higher sales. Production increased 29 per cent year over year while sales grew more than 53 per cent, reflecting improved operating consistency at Maracas Menchen and stronger commercial execution. Following earlier tariff relief, we resumed high-purity V2O5 production and aligned our product mix with customer demand. We are now optimizing production to support the recently announced U.S. Defense Logistics Agency Strategic Materials delivery order and remain focused on executing against our strategy to drive sustainable growth, stronger cash generation and long-term shareholder value."

Alberto Arias, executive chairman and co-chief executive officer of Largo, added: "Largo enters the second half of 2026 from a position of strength. We have restored and expanded access to the U.S. market, successfully monetized high-purity inventory previously held in bonded warehouses, and resumed shipments to key customers. The exemption of vanadium oxides and hydroxides from the new U.S. tariff preserves our competitive position in this strategically important market, while the U.S. Defense Logistics Agency Strategic Materials delivery order further validates the quality of our high-purity vanadium products and reinforces Largo's role as a trusted supplier to critical industries. Together, these milestones strengthen our commercial outlook, highlight our strategic importance within North American supply chains, and support our ability to deliver long-term value for our shareholders."

U.S. tariff developments

On July 15, 2026, the Office of the United States Trade Representative published its final action imposing an additional 25-per-cent tariff on certain products of Brazil, effective for covered goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. Eastern Time on July 22, 2026.

Importantly, vanadium oxides and hydroxides classified under HTSUS 2825.30 are expressly included on the published exemption list. As a result, Brazilian-origin V2O5 imported under this tariff classification will not be subject to the new 25-per-cent Brazil-specific Section 301 tariff.

The exemption is product-specific and does not extend to ferrovanadium exported directly from Brazil. Largo's exposure to the Brazil-specific tariff on ferrovanadium is limited, as the majority of the company's ferrovanadium sales to the U.S. are not supplied directly from Brazil.

The U.S. government has also recently announced additional tariffs on certain Canadian products. Largo is evaluating the scope of these measures and their potential application to ferrovanadium supplied from Canada to the U.S. The company will continue to assess developments in U.S. trade policy and their potential impact on its commercial activities.

About Largo Inc.

Largo is the world's largest primary vanadium producer and a globally recognized supplier of high-quality vanadium products, sourced from its world-class Maracas Menchen mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defence, chemical and energy storage sectors. The company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers.

Largo is also strategically invested in the clean energy storage sector through its 37.4-per-cent ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S.

The company also holds a 100-per-cent interest in the Northern Dancer tungsten-molybdenum property located in the Yukon Territory, Canada, and 100-per-cent interest in the Currais Novos tungsten tailing project near Natal, Brazil. Preliminary economic assessments were completed for each asset in 2011.

Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol LGO.

We seek Safe Harbor.